In a large bowl, cream together the butter and 2 cups sugar until light and fluffy. Beat in the eggs one at a time, then stir in the 1 1/2 teaspoons almond extract and vanilla. Beat in the flour mixture alternately with 1 cup milk, mixing just until incorporated. Pour batter into prepared pan.

Bake in the preheated oven for 60 to 70 minutes, or until a toothpick inserted into the center of the cake comes out clean. Cool for 10 minutes and invert on a wire rack. Cool 10 minutes longer. Place rack on waxed paper. Combine 1/4 cup milk, 3/4 cup sugar, 1/2 teaspoon almond extract and toasted sliced almonds; pour over warm cake.